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<ul><li><keyword id="12661259" type="General" weightage="20" keywordseo="badgerdao" source="Orion">BadgerDAO</keyword> provides vaults for users to store <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> and earn yields.</li><li>The hack was unearthed by blockchain security firm Peckshield, which provided a document on the losses.</li><li>BadgerDAO’s hack isn’t the first such hack of 2021, but adds to the already huge tally.</li></ul>A hacker, or perhaps a group of hackers, have stolen $120.3 million in crypto by hacking into decentralised finance (DeFi) protocol BadgerDAO. The hack was discovered by blockchain security firm PeckShield, which tracked down the missing funds. <div type="twitter" handle="peckshield" handlename="PeckShield Inc." image="http://pbs.twimg.com/profile_images/987282435812421632/pYNsUGGp_normal.jpg" favoritecount="356" retweetcount="117" status="Here is the current whereabouts as well as the total loss: $120.3M (with ~2.1k BTC + 151 ETH) @BadgerDAO https://t.co/fJ4hJcMWTq" createdat="1638441706000" id="1466356911842856967"></div> After PeckShield went public, the DAO announced that they are looking into the hack. It has pushed pause on <a href="http://coindcx.com">smart contracts</a> for the time being in order to prevent further withdrawals. It is unclear when its restriction will be removed. <div type="twitter" handle="BadgerDAO" handlename="₿adgerDAO 🦡" image="http://pbs.twimg.com/profile_images/1392501414887313409/ixijGeIo_normal.jpg" favoritecount="439" retweetcount="166" status="Badger has received reports of unauthorized withdrawals of user funds.As Badger engineers investigate this, all s… https://t.co/aozhlizBOz" createdat="1638419530000" id="1466263899498377218"></div> BadgerDAO has roped in Chainalysis to investigate the issue along with the US and Canadian authorities. However, the has not clarified whether the victims will be refunded. <div type="twitter" handle="BadgerDAO" handlename="₿adgerDAO 🦡" image="http://pbs.twimg.com/profile_images/1392501414887313409/ixijGeIo_normal.jpg" favoritecount="109" retweetcount="15" status="The investigation continues. Badger has retained data forensics experts Chainalysis to explore the full scale of… https://t.co/bhXKwK4VhM" createdat="1638484203000" id="1466535158606086144"></div> <cmsannotation type="cmsannotation" annotationid="$120 million goes missing" comment="subhead" text="$120 million goes missing">$120 million goes missing</cmsannotation> PeckShield’s investigation shows that the attackers stole over $117 million worth of Bitcoin, while the rest of the missing assets were stored in the form of interest-bearing Bitcoin, a form of tokenised Bitcoin, and Ether — the native token of the Ethereum blockchain. The document shows that while some users lost $5 million worth of Bitcoin, others lost over $50 million. <cmsannotation type="cmsannotation" annotationid="What is BadgerDAO?" comment="subhead" text="What is BadgerDAO?"><keyword id="12661266" type="General" weightage="20" keywordseo="what-is-badgerdao" source="Orion">What is BadgerDAO</keyword>?</cmsannotation> BadgerDAO is a decentralised autonomous organisation (DAO) that allows Bitcoin to be used as collateral in DeFi applications. Simply put, users can use Bitcoin to secure loans. DAO is an organisation that is designed to be automated and decentralised, which uses blockchain-based smart contracts to automated decision making and rules. BadgerDAO is built on the Ethereum platform and provides vaults where users can store their Bitcoin to earn yields based on market conditions. <cmsannotation type="cmsannotation" annotationid="DeFi hacks on the rise" comment="subhead" text="DeFi hacks on the rise">DeFi hacks on the rise</cmsannotation> BadgerDAO’s hack is not the first <keyword id="12101501" type="General" weightage="20" keywordseo="defi-hack" source="Orion">DeFi hack</keyword> of the year. The $120.3 million just adds to the already massive tally for the year. In August, virtual private network (VPN) platform AtlasVPN <a href="https://atlasvpn.com/blog/defi-related-hacks-account-for-76-of-all-major-hacks-in-2021">reported</a> that DeFi hacks accounted for 76% of all hacks between January and July 2021. The platform had recorded $129 million stolen in DeFi hacks during 2020, but noted that the number had more than doubled by Jule this year, to touch $361 million. Further, data from digital assets research firm The Block’s <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-defi-protocols-lost-1-4-billion-this-year-but-recovered-over-half-of-it/articleshow/87505660.cms">data dashboard</a> showed that DeFi protocols had lost $1.4 billion through exploits by November 3 this year. The good news, however, was that over half of the stolen money had also been recovered by the DAOs. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/alibaba-tencent-and-other-chinese-players-are-betting-big-on-the-metaverse-but-the-government-is-yet-to-buy-into-the-hype/articleshow/88062372.cms">Alibaba, Tencent, and other Chinese players are betting big on the metaverse — but the government is yet to buy into the hype</a> <a href="https://www.businessinsider.in/investment/news/crypto-romance-love-in-the-times-of-blockchain/slidelist/88050488.cms">Crypto romance — Love in the times of blockchain</a> <a href="https://www.businessinsider.in/investment/news/solana-cardano-polkadot-and-others-heres-a-quick-look-at-why-these-crypto-tokens-are-being-touted-as-ethereum-killers/articleshow/88045517.cms">Solana, Cardano, Polkadot and others — here’s a quick look at why these crypto tokens are being touted as ‘Ethereum Killers’</a>

Hackers steal $120 million from DeFi protocol BadgerDAO — platform hits indefinite pause on all smart contract activity

Hackers have stolen nearly $180 million in cryptocurrency from <keyword id="13647448" type="General" weightage="50" keywordseo="beanstalk-farms" source="Orion">Beanstalk Farms</keyword>, a decentralised finance (De-Fi) project. <keyword id="791782" type="General" weightage="80" keywordseo="beanstalk" source="Orion">Beanstalk</keyword> operates a system where participants earn rewards by contributing funds to a central funding pool that is used to balance the value of one token at close to $1, reports The Verge. "Beanstalk suffered an exploit. The Beanstalk Farms team is investigating the attack and will make an announcement to the community as soon as possible," the company admitted in a tweet. The hackers exploited Beanstalk's majority vote governance system, a core feature of many DeFi protocols. The attack was first spotted by blockchain analytics company PeckShield. The Beanstalk attacker "used a flash loan obtained through the decentralised protocol Aave to borrow close to $1 billion in cryptocurrency assets and exchanged these for enough beans to gain a 67 per cent voting stake in the project". The attacker then instantly repaid the flash loan, netting an $80 million profit, the report said. In January this year, hackers stole <keyword id="2721952" type="General" weightage="100" keywordseo="crypto" source="Orion">crypto</keyword> tokens worth $120 million from Blockchain-based decentralised finance (DeFi) platform BadgerDAO. Several crypto wallets were drained before the platform could stop the cyber attack. In December last year, cyber criminals stole cryptocurrency worth $80 million from <keyword id="13064561" type="General" weightage="50" keywordseo="qubit-finance" source="Orion">Qubit Finance</keyword>, a decentralised finance (DeFi) platform. The US this week blamed North Korean hacker group Lazarus for stealing $625 million in cryptocurrency from the Ronin Network, owned by developer group Sky Mavis. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/all-you-need-to-know-about-crypto-staking-and-why-people-are-jumping-on-this-bandwagon/articleshow/90914740.cms">All you need to know about crypto staking and why people are jumping on this bandwagon</a> <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-and-gold-prices-will-go-higher-if-the-fed-is-forced-to-raise-its-inflation-target-to-3-says-mohamed-el-erian/articleshow/90921159.cms">Crypto and gold prices will go higher if the Fed is forced to raise its inflation target to 3%, says Mohamed El-Erian</a>

Hackers steal crypto worth $180 million from Beanstalk Farms, a decentralized finance project

<ul class="summary-list"><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> exchange BitMart suspended withdrawals Sunday after hackers ran off with $196 million from wallets. </li><li>Sheldon Xia, BitMart's CEO, said on Monday the crypto was taken using a stolen private key. </li><li>Crypto fraud is on the rise. The BXH exchange lost $139 million last month after an admin key was leaked.</li></ul>Close to $200 million in cryptocurrencies has been stolen from wallets from the BitMart exchange using a stolen private key, according to the company's chief executive. On Monday BitMart's CEO Sheldon Xia said that they discovered that the cryptocurrencies were withdrawn using a <a href="https://twitter.com/sheldonbitmart/status/1467722437735428098">stolen</a> private key which usually enables a user to access their <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword>."We have identified a large-scale security breach related to one of our ETH (ether) hot wallets and one of our BSC (binance smart chain) hot wallets, " Xia said on <a href="https://twitter.com/sheldonbitmart/status/1467316252855226368">Twitter</a>.PeckShield inc, a data analytics company said on Twitter Sunday $100 million was taken from the <a href="https://twitter.com/peckshield/status/1467302620000043013">ethereum network</a> and $96 million from the <a href="https://twitter.com/peckshield/status/1467310381073047552">binance smart chain</a> blockchain. The assets affected included meme coins floki inu and shiba inu, among several other altcoins. PeckShield inc. said that the money was stolen <a href="https://twitter.com/peckshield/status/1467318513971118083">using</a> a "pretty straightforward: transfer-out, swap, and wash" technique. After getting the funds out of BitMart, the hackers may have used a decentralized exchange aggregator to swap the stolen tokens for ether, according to PeckShield's tweet. Then the hacker could have deposited the funds into a privacy protocol, which makes the money difficult to trace.Xia had said on Twitter Sunday approximately $150 million was<a href="https://twitter.com/sheldonbitmart/status/1467316252855226368"> stolen </a>from the centralized global exchange that is based in the Cayman Islands and BitMart suspended withdrawals from its crypto wallets. He has since said the company hopes to gradually <a href="https://twitter.com/sheldonbitmart/status/1467722815071739909">resume</a> the deposit and withdrawal functions on December 7. Xia also said BitMart will use its own funding to <a href="https://twitter.com/sheldonbitmart/status/1467722582845702149">compensate</a> affected users and they were talking to project teams about the most reasonable solutions such as token swaps. BitMart is not the only exchange to be hacked using a private key. In early November, $139 million was taken from the Boy X Highspeed, decentralized cross-chain exchange. The company's CEO Neo Wang told CoinDesk this was due to a leaked administrator key and was probably an<a href="https://www.coindesk.com/tech/2021/11/01/139m-bxh-exchange-hack-was-the-result-of-leaked-admin-key/"> inside job</a>. Last week, the <a href="https://www.youtube.com/watch?v=IrRC8KDBSww">Celsius</a> Network's CEO Alex Mashinsky said the crypto lending platform had lost $120 million from a hack on BadgerDAO, a decentralized finance platform.In August, more than $600 million worth of cryptocurrencies was stolen from the poly network, but nearly half of the <a href="https://markets.businessinsider.com/news/currencies/poly-network-crypto-hackers-return-half-600-million-stole-defi-2021-8">money</a> was later returned.

BitMart suspends withdrawals after hackers drained almost $200 million in cryptocurrencies using a stolen private key

<ul><li>Roddenberry Entertainment has created a non-fungible token (NFT) of sci-fi legend <keyword id="538457" type="General" weightage="20" keywordseo="gene-roddenberry" source="Orion">Gene Roddenberry</keyword>’s signature on the first-ever <keyword id="112242" type="General" weightage="20" keywordseo="star-trek" source="Orion">Star Trek</keyword> contract.</li><li>The signature of the man who created Star Trek will be stored on the DNA code of bacteria.</li><li>In the 10 hours after being implanted, the bacteria had already replicated to create billions of copies of the NFT.</li></ul>Sci-fi legend Gene Roddenberry’s signature on the first ever contract for Star Trek with Lucille Ball’s Desilu Productions is being minted on the <a href="http://coindcx.com">Solana</a> blockchain but is being stored organically, on DNA. According to the creators, Roddenberry Entertainment, this is the first-ever living ecological non-fungible token (NFT). The signature from the contract dated 18 May 1965 will be implanted in DNA code into the cell of live bacteria. And, as the bacteria replicates and duplicates itself, so will the NFT — a supply of a billion in one night. <cmsannotation type="cmsannotation" annotationid="Star Trek NFTs may come back as zombie bacteria" comment="subhead" text="Star Trek NFTs may come back as zombie bacteria">Star Trek NFTs may come back as zombie bacteria</cmsannotation> One could argue that if there are billions of copies of the same NFT being created on a daily basis, it’s not really unique. However, the creators have named the NFT ‘El Primero’, which means ‘the first’ in Spanish. The bacteria cells are currently dormant. The sample was freeze-dried after 10 hours of embedding the code. The creators say this leaves the door open for reanimation in the future, at which time the bacteria will be able to begin replicating themselves once again. <cmsannotation type="cmsannotation" annotationid="Living eco-NFTs want to address the environment controversy" comment="subhead" text="Living eco-NFTs want to address the environment controversy">Living eco-NFTs want to address the environment controversy </cmsannotation> It’s not only fossil fuels and mining for cryptocurrencies that have taken a hit for being a contributor to climate change. NFTs too have appeared on the radar for being a energy-guzzling process, especially since a lot of it happens on the Ethereum blockchain. According to the creators, the <keyword id="12668731" type="General" weightage="20" keywordseo="star-trek-nft" source="Orion">Star Trek NFT</keyword> will be carbon-neutral if not carbon negative, since it’s minted using bacteria. Certain <a href="https://venturebeat.com/2021/03/20/how-synthetic-data-could-save-ai/">research</a> has shown that the use of synthetic DNA for data storage has the potential to cut down on greenhouse emissions and energy usage as compared to the commercial options available today. Moreover, the Star Trek NFT is being placed on the Solana blockchain. Dubbed as one of the ‘Ethereum Killers’ in the crypto market, Solana uses the proof-of-stake (PoS) validation method, which consumes less energy to verify transactions as compared to the proof-of-work (PoW) method currently employed by Ethereum. According to <a href="https://digiconomist.net/ethereum-energy-consumption">digiconomist</a>, a single transaction on the Ethereum blockchain uses just as much electricity as an average US household over the course of nearly a week. Meanwhile, a single transaction on Solana only uses as much power as <a href="https://solana.com/news/solana-energy-usage-report-november-2021">two Google searches</a>. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/hackers-steal-120-million-from-defi-protocol-badgerdao-platform-hits-indefinite-pause-on-all-smart-contract-activity/articleshow/88068762.cms">Hackers steal $120 million from DeFi protocol BadgerDAO — platform hits indefinite pause on all smart contract activity</a> <a href="https://www.businessinsider.in/investment/news/alibaba-tencent-and-other-chinese-players-are-betting-big-on-the-metaverse-but-the-government-is-yet-to-buy-into-the-hype/articleshow/88062372.cms">Alibaba, Tencent, and other Chinese players are betting big on the metaverse — but the government is yet to buy into the hype</a>

A new Star Trek NFT is stored on the DNA of bacteria, and there are billions of copies already

<ul><li>Sale of land within <keyword id="11121339" type="General" weightage="20" keywordseo="metaverse" source="Orion">metaverse</keyword> <keyword id="12166193" type="General" weightage="20" keywordseo="the-sandbox" source="Orion">The Sandbox</keyword> accounted for a quarter of all non-fungible tokens’ (NFTs) sales in the last one week.</li><li>Companies are spending millions to get in on the ground floor and secure prime real estate within these crypto virtual worlds.</li><li>The creation of metaverses is spurring changes in other sectors, like consumer technology, as well.</li></ul>Real estate in the metaverse is selling like hot pockets, and for crazy amounts of money. Accordingly to <a href="https://nonfungible.com/">NonFungible.com</a>, more than $300 million worth of non-fungible tokens (<a href="http://coindcx.com">NFTs</a>) were sold last week — almost a quarter of sales were for <keyword id="9219798" type="General" weightage="20" keywordseo="digital-land" source="Orion">digital land</keyword> in The Sandbox metaverse. Sales of digital realty in metaverses from November 29 to December 5 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metaverse project </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sales in the last 7 days </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Number of assets sold </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The Sandbox </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$70.5 milion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,433 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Decentraland </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$6.6 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">399 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CryptoVoxels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$650,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">81 </td></tr></tbody><tbody></tbody></table>Source: NonFunglible.com’s weekly newsletter While The Sandbox is raking in the most sales, individual plots within <keyword id="12222085" type="General" weightage="20" keywordseo="decentraland" source="Orion">Decentraland</keyword> are more expensive. All of the top 10 sales, with the most expensive clocking in at $758,250, were for digital land within Decentraland. <cmsannotation type="cmsannotation" annotationid="Companies want to get in on the ground floor of the metaverse" comment="subhead" text="Companies want to get in on the ground floor of the metaverse">Companies want to get in on the ground floor of the metaverse</cmsannotation> Spending millions for land that doesn’t actually exist in the real world may not fit everyone’s appetite, but crypto enthusiasts are hoping to get in on the ground floor before prices get even higher. US-based firm Republic Realm, for instance, told the <a href="https://www.wsj.com/articles/nfts-are-spurring-a-digital-land-grabin-videogame-worlds-11616414401?mod=article_inline">Wall Street Journal</a> that it spent a record $4.3 million for digital land within The Sandbox on November 30. Meanwhile, The purchase broke the previous all-time-high held by Tokens.com, which purchased land in Decentraland for a whopping $2.4 million last month for a prime patch of real estate within the platform’s Fashion Street district. Grayscale, the largest digital assets investment company in the world, pegs that the value of these virtual gaming worlds could grow from $180 billion in 2020 to <a href="https://grayscale.com/wp-content/uploads/2021/11/Grayscale_Metaverse_Report_Nov2021.pdf">$400 million by 2025</a>. Crypto exchanges, like Binance and others, have established digital headquarters within the metaverse where employees can meet and collaborate. The old-school video game giant, Atari, recently announced the Atari arcade, where players within Decentraland can come in and play mini-games. Moreover, even artists like <a href="https://www.businessinsider.in/investment/news/snoop-doggs-new-project-with-let-fans-party-with-him-inside-his-la-mansion-and-potentially-be-neighbours/articleshow/86478559.cms">SnoopDogg</a> are getting in on the trend, by hosting concerts within the metaverse — which is smart, considering the restrictions and risks posed by the COVID-19 pandemic. According to the Swiss multinational investment bank, UBS, the metaverse is also having an impact on the consumer tech segment, especially with Facebook expected to increase capital spending as it focuses on the metaverse. <div type="ExtQuote" text="Notable new consumer tech launches next year, including metaverse-aligned artificial and virtual reality devices, could help offset weaker demand for other types of hardware." auname="UBS report dated December 3"></div> Metaverses, or crypto virtual worlds, are in the midst of creating a multi-million dollar market for creators and asset owners. However, as compared to the rest of the <keyword id="9348354" type="General" weightage="20" keywordseo="crypto-world" source="Orion">crypto world</keyword>, the metaverse is still in its nascent stages. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/organic-star-trek-nft-stored-on-dna-code-of-bacteria-of-gene-roddenbery-signature/articleshow/88089514.cms">A new Star Trek NFT is stored on the DNA of bacteria, and there are billions of copies already</a> <a href="https://www.businessinsider.in/investment/news/hackers-steal-120-million-from-defi-protocol-badgerdao-platform-hits-indefinite-pause-on-all-smart-contract-activity/articleshow/88068762.cms">Hackers steal $120 million from DeFi protocol BadgerDAO — platform hits indefinite pause on all smart contract activity</a> <a href="https://www.businessinsider.in/investment/news/alibaba-tencent-and-other-chinese-players-are-betting-big-on-the-metaverse-but-the-government-is-yet-to-buy-into-the-hype/articleshow/88062372.cms">Alibaba, Tencent, and other Chinese players are betting big on the metaverse — but the government is yet to buy into the hype</a>

Battle of metaverses: The Sandbox, Decentraland and CryptoVoxels see sales surge as companies look to get in on the ground floor

<ul><li>The <keyword id="12680837" type="General" weightage="20" keywordseo="national-blockchain-strategy" source="Orion">National Blockchain Strategy</keyword> comes from India’s Electronics Ministry even as the <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> is formulating a plan to regulate cryptocurrencies.</li><li>Blockchain is the underlying technology of cryptocurrencies.</li><li>The government says that blockchains can be used in 44 key areas.</li></ul>Last week, on December 3, the Indian government published a National Blockchain Strategy (<a href="https://www.meity.gov.in/content/draft-national-strategy-blockchain">NSB</a>) with recommendations for policy making and implementation of blockchain technology in the country. The 52-page document comes at a time when the country’s Finance Ministry is formulating a <a href="https://www.businessinsider.in/cryptocurrency/news/no-crypto-ban-in-india-sebi-will-reportedly-be-pulled-in-to-regulate-the-sector/articleshow/88065166.cms">bill</a> that will regulate the trading of cryptocurrencies in the country. The NSB, however, lays the framework for companies that are developing apps, services and more based on blockchain technology — the underlying platform running <a href="https://coindcx.com/">cryptocurrencies</a>. Here are four key points that highlight the approach India wants to take towards blockchain technology: <cmsannotation type="cmsannotation" annotationid="The Indian government wants to apply blockchain technology to 44 key areas" comment="subhead" text="The Indian government wants to apply blockchain technology to 44 key areas">The Indian government wants to apply blockchain technology to 44 key areas</cmsannotation> The Ministry of Electronics and Information Technology (MeitY) has identified 44 key areas where blockchains can be employed. These sectors include pharmaceutical supply chain, e-Notary services, blockchain enabled e-sign solutions, farm insurance, identity management, e-voting, maintaining land records, document validation and more. The document also notes some government-led applications of blockchain are already underway. In June, publicly listed company Gujarat Narmada Valley Fertilizers &amp; Chemicals Limited (GNFC) had partnered with the country’s planning commission — NITI Aayog — to build a proof-of-concept (PoC) for applying blockchain technology for fertiliser subsidy management. Other government bodies, like the Center for Development of Advanced Computing (C-DAC), National e-Governance Division (NeGD) and more are also working on blockchain-based applications. <cmsannotation type="cmsannotation" annotationid="India wants to set up a ‘National Blockchain Framework’" comment="subhead" text="India wants to set up a ‘National Blockchain Framework’">India wants to set up a ‘<keyword id="12676276" type="General" weightage="20" keywordseo="national-blockchain-framework" source="Orion">National Blockchain Framework</keyword>’</cmsannotation> The document also proposes the formation of a National Blockchain Framework, which will be used to speed up application of the technology in the country. The NSB says that a “geographically distributed national-level shared infrastructure" would be required in order to enable large scale adoption of blockchains, which is the purpose that the framework will serve. The framework will help in the creation of reference implementations of platforms and integration with existing infrastructure and services. “This National Blockchain Framework (NBF) with core research components would be developed with intermediate milestones consisting of a basic framework for reference implementation, integration with various existing infrastructure and services, reference implementations of real-life projects and sandbox environments for development and testing of applications,” the document stated <cmsannotation type="cmsannotation" annotationid="A 'multi-institutional' approach with industry-academic-government collaboration" comment="subhead" text="A 'multi-institutional' approach with industry-academic-government collaboration">A 'multi-institutional' approach with industry-academic-government collaboration </cmsannotation>India’s NSB also calls for collaboration between the industry, academic institutions and government in order to create the National Blockchain Framework and other applications. It says that creation of the framework will require a “multi-institutional collaborative approach” between all of these parties. <cmsannotation type="cmsannotation" annotationid="Interoperability with other countries" comment="subhead" text="Interoperability with other countries">Interoperability with other countries</cmsannotation> A notable point in the document is that India is taking into account blockchain implementation strategies already in place in other countries, including China. It also includes countries like the United States (US), United Arab Emirates (UAE), Brazil, Chile, Canada and more. Taking other countries’ blockchain platforms is important since such platforms are known for interoperability, and experts have often said that governments must work together to ensure future payments platforms, healthcare records etc. are interoperable. <cmsannotation type="cmsannotation" annotationid="What’s missing?" comment="subhead" text="What’s missing?">What’s missing?</cmsannotation> While the MeitY says that it will collaborate with other ministries in order to oversee the implementation of this strategy, the National Blockchain Strategy doesn’t really set timelines for specific platforms or discuss them. It is meant to be a guideline for the industry and other ministries though, but may have instilled more confidence in investors and companies if it was clearer on such points. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/hackers-steal-120-million-from-defi-protocol-badgerdao-platform-hits-indefinite-pause-on-all-smart-contract-activity/articleshow/88068762.cms">Hackers steal $120 million from DeFi protocol BadgerDAO — platform hits indefinite pause on all smart contract activity</a> <a href="https://www.businessinsider.in/investment/news/alibaba-tencent-and-other-chinese-players-are-betting-big-on-the-metaverse-but-the-government-is-yet-to-buy-into-the-hype/articleshow/88062372.cms">Alibaba, Tencent, and other Chinese players are betting big on the metaverse — but the government is yet to buy into the hype</a>

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44 key areas, a national framework, and a multi-institutional approach — Here's what you need to know about India's new National Blockchain Strategy

BI India Bureau

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